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Development Strategies for Attracting Foreign Direct Investment in Uzbekistan

융합경영연구 / The Journal of Economics, Marketing and Management, (E)2288-7709
2023, v.11 no.5, pp.57-67
https://doi.org/https://doi.org/10.20482/jemm.2023.11.5.57
Ji Young JEONG (Department of International Trade, Jeonbuk National University)
Sun Mi KIM (Department of International Trade, Jeonbuk National University)
Changho CHOI (Department of International Trade, Jeonbuk National University)
Ji Young HAN (Department of International Trade, Jeonbuk National University)
Yong Geun KIM (Department of International Trade, Jeonbuk National University)
Mamurbek KARIMOV (Department of International Trade, Jeonbuk National University)
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Abstract

Purpose: An evaluation of Uzbekistan's steps towards competitiveness for FDI globally is presented in this paper. Specifically, the purpose of this paper is to analyze the case of Uzbekistan, and to determine the strategies that can be implemented to increase the competitiveness in attracting foreign investment. Research design, data and methodology: To investigate the FDI environment and identify effective strategies, Global RPM and QSPM analyses were conducted in addition to in-depth interviews with experts. In particular, this study uses the method of Global RPM analysis to make a comprehensive evaluation and analysis on globalization, rationality, and professionalism and morality dimensions of FDI in Uzbekistan. Results: According to the analysis, the conditions of political situation, financial stability, legal frameworks, as well as economic environment of the country play a significant role in bringing in FDIs from abroad. Moreover, based on the results, Uzbekistan scored lowest on globalization, indicating that the country has a low level of integration and openness to the global economy and society. Conclusions: Uzbekistan can boost its productive capacity and GDP growth with FDI, but it has to overcome many structural and logistical obstacles. Furthermore, adhering to the chosen strategies, policymakers can leverage FDI to stimulate economic growth, leading to the generation of new jobs and expanded opportunities in Uzbekistan.

keywords
FDI, Development Strategies, Global RPM analysis, Uzbekistan

융합경영연구